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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)
6 Months Ended
Jun. 30, 2022
Stockholders Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income/(Loss) Balances, Net of Tax

The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the three months ended June 30, 2022 and 2021:

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Three Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

April 1,

 

 

Before

 

 

Comprehensive

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2022

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2022

 

 

2022

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

(40,447

)

 

$

(18,619

)

 

$

 

 

$

(18,619

)

 

$

(59,066

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(491

)

 

 

830

 

 

 

 

 

 

830

 

 

 

339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive gain/(loss),
   net of tax

 

$

(40,938

)

 

$

(17,789

)

 

$

 

 

$

(17,789

)

 

$

(58,727

)

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Three Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

April 1,

 

 

Before

 

 

Comprehensive

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2021

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2021

 

 

2021

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

(7,894

)

 

$

6,938

 

 

$

 

 

$

6,938

 

 

$

(956

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(5,870

)

 

 

805

 

 

 

606

 

 

 

1,411

 

 

 

(4,459

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive gain/(loss),
   net of tax

 

$

(13,764

)

 

$

7,743

 

 

$

606

 

 

$

8,349

 

 

$

(5,415

)

The following is a summary of the accumulated other comprehensive income/(loss) balances, net of tax, for the six months ended June 30, 2022 and 2021:

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Six Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2022

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2022

 

 

2022

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

(9,873

)

 

$

(54,221

)

 

$

5,028

 

 

$

(49,193

)

 

$

(59,066

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(2,501

)

 

 

2,840

 

 

 

 

 

 

2,840

 

 

 

339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive
   gain/(loss), net of tax

 

$

(12,374

)

 

$

(51,381

)

 

$

5,028

 

 

$

(46,353

)

 

$

(58,727

)

 

 

 

 

 

 

 

 

 

Amount

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Reclassified

 

 

Comprehensive

 

 

 

 

 

 

 

 

 

Other

 

 

From

 

 

Income/(Loss)

 

 

 

 

 

 

 

 

 

Comprehensive

 

 

Accumulated

 

 

Six Months

 

 

 

 

 

 

Balance at

 

 

Income/(Loss)

 

 

Other

 

 

Ended

 

 

Balance at

 

 

 

January 1,

 

 

Before

 

 

Comprehensive

 

 

June 30,

 

 

June 30,

 

(In thousands)

 

2021

 

 

Reclassifications

 

 

Income/(Loss)

 

 

2021

 

 

2021

 

Net unrealized holding gain/(loss) on
   securities available for sale, net of tax

 

$

5,521

 

 

$

(6,477

)

 

$

 

 

$

(6,477

)

 

$

(956

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain/(loss) on cash flow hedges

 

 

(6,913

)

 

 

1,848

 

 

 

606

 

 

 

2,454

 

 

 

(4,459

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive
   gain/(loss), net of tax

 

$

(1,392

)

 

$

(4,629

)

 

$

606

 

 

$

(4,023

)

 

$

(5,415

)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income/(loss)

The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the three months ended June 30, 2022 and 2021:

 

 

Three Months Ended

 

 

 

 

 

June 30,

 

 

 

(In thousands)

 

2022

 

 

2021

 

 

Affected Line Item in Income Statement

Unrealized gains/(losses) on securities
   available for sale:

 

 

 

 

 

 

 

 

Reclassification adjustment for losses on termination
   of swaps included in net income

 

$

 

 

$

842

 

 

Other income

Tax effect

 

 

 

 

 

(236

)

 

Income tax expense

Total reclassifications, net of tax

 

$

 

 

$

606

 

 

 

The following represents the reclassifications out of accumulated other comprehensive income/(loss) for the six months ended June 30, 2022 and 2021:

 

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

 

(In thousands)

 

2022

 

 

2021

 

 

Affected Line Item in Income

Unrealized gains/(losses) on cash flow hedge
   derivatives:

 

 

 

 

 

 

 

 

Reclassification adjustment for amounts
   included in net income

 

$

6,609

 

 

$

 

 

Securities losses, net

Reclassification adjustment for losses on termination
   of swaps included in net income

 

 

 

 

 

842

 

 

Other income

Tax effect

 

 

(1,581

)

 

 

(236

)

 

Income tax expense

Total reclassifications, net of tax

 

$

5,028

 

 

$

606